Denies involvement in earnings scheme.
Target’s former managing director, Stuart Machin has resigned from Wesfarmers which has almost completed an investigation into whether the retailer inflated earnings by colluding with suppliers.
Machin, who is presently overseas, has denied involvement in a scheme aimed at boosting Target’s first-half profits by seeking extra rebates from suppliers in return for promises of price rises in the second half.
Machin was originally expected to take a senior role in the Wesfarmers group following the restructure of the conglomerate’s department store operations.